Building Details

Building Size 14,626 SF

Year Built 1940

Listing Agency: New Jersey Office Show Phone

Listed By: Alan Cafiero · License #NJ: 0791092 Show Phone

Source: Marcusmillichap

Added: Jun 3 Changed: Oct 21 Last Checked: Oct 20 at 5:04PM

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Investment Insights

Based on property information with market context.

This for-sale retail property is offered as a storefront-style investment totaling 14,626 square feet. The listing presents it as a retail asset well-suited for buyers seeking an income-oriented commercial property.

The property is located at 321 Millburn Ave in Millburn, NJ. No additional details on the tenant roster, unit configuration, or specific building features were provided in the information available.

Given the stated 7.00% cap rate and the retail storefront use, the asset may appeal to investors and owner-occupiers evaluating income characteristics as part of their acquisition criteria. Interested parties should confirm all operating details, including current occupancy, lease terms, and any property-level expenses, during their due diligence.

Key Highlights

• Retail property offered for sale with a reported 7.00% cap rate
• 14,626 SF retail building

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$208,761

Cap Rate

4.59%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,175,220 $4.2M

Cap Rate 7%

$2,982,300 $3.0M

Cap Rate 9%

$2,319,567 $2.3M

Is this asking price fair?

Market Conditions

NOI Build-Up for 14,626 SF

Gross rent

$315.9K $21.60/SF

− Vacancy

−$17.7K −$1.21/SF

EGI

$298.2K $20.39/SF

− OpEx

−$89.5K −$6.12/SF

NOI

$208.8K $14.27/SF

Area

Essex County, NJ

Vacancy

5.60%

Lease Rate

$21.60 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,175,220

Cap Rate 7%

$2,982,300

Cap Rate 9%

$2,319,567

Alternative Uses

Best Use

Retail

$2.98M

$2.61M – $3.48M (±1% cap)

NOI $208,761 @ 7.0% cap · market cap 4.59%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$3.82M

$3.34M – $4.46M (±1% cap)

NOI $267,340 @ 7.0% cap · market cap 5.88%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Contact the owner directly Get the owner's phone numbers and email

Open Analytics

Current Use

The Braid Hive Studio Hair Salon Indigo Design Architecture Architect ARkITEkTURA Consulting LLC Architectural Designer iFix PC's Computer & Electronic Repair Jordan Elyse Photography Photography Service

Suggested Use

Top Pick Grocery & Convenience Store (Bike/Boat/Book/etc) Store Butcher Storage Facility Tanning Salon Hotel & Motel

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,386

Businesses Nearby

82k

Monthly Visits Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Groceries 37% Shops & Services 35% Dining 23% Beauty & Spa 3%

ShopRite Groceries

30,363 visits/mo 0.5 miles

Dunkin' Donuts Dining

11,796 visits/mo 0.2 miles

Chase Bank Shops & Services

8,142 visits/mo 0.1 miles

Wells Fargo Shops & Services

4,774 visits/mo 0.1 miles

The UPS Store Shops & Services

4,109 visits/mo 0.0 miles

Demographics for 07041, NJ

7,649

Population

2,843

Households

2.7

Avg Household Size

41

Median Age

81%

College-Educated

97%

High-School Grad

1.3 sq mi

ZIP Area

5,884

Density / Sq Mi

$220,923

Median Household Income

$109,375

Median Earnings

$1,969

Median Rent

$935,900

Median Home Value

Market

Vacancy Rate% for Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

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• Party Artistry Inc — 27 Bleeker St, Millburn, NJ 07041

Frequently Asked Questions

What type of property is this?

Storefront property - Retail property offered for sale with a reported 7.00% cap rate.

Where is this storefront property located?

The property is located at 321 Millburn Ave Millburn, NJ.

What is the asking price?

The asking price for this property is $4,550,000.

What are key features of this property?

This property features: Retail property offered for sale with a reported 7.00% cap rate; 14,626 SF retail building